Investment Income: Taxation

Treasury written question – answered on 9th January 2023.

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Photo of James Murray James Murray Shadow Financial Secretary (Treasury)

To ask the Chancellor of the Exchequer, if he will publish the estimate of the cost to the public purse, including money spent IT systems and support staff, of reintroducing the Dividend Tax rise in the Autumn Statement 2022.

Photo of Victoria Atkins Victoria Atkins The Financial Secretary to the Treasury

The TIIN for this measure, published on GOV.UK alongside the Autumn Budget 2021, set out the following: "This measure will increase each rate by 1.25 per cent to 8.75 per cent 33.75 per cent and 39.35 per cent from April 2022, HMRC will need to make changes to IT systems to deliver this change which is currently estimated to cost in the region of 530,000 thousand pounds." There was no administrative cost resulting from the announcements of the reversal at the Growth Plan, and then continuation of the rate change announced afterward.

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